Generic drugmaker Mylan's 2Q profit jumps 28 pct - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Generic drugmaker Mylan's 2Q profit jumps 28 pct

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • Sistersville Woman Crowned Mrs. West Virginia, Will Compete for National Title

    Sistersville Woman Crowned Mrs. West Virginia, Will Compete for National Title

    Tuesday, July 15 2014 4:17 AM EDT2014-07-15 08:17:38 GMT
    A Sistersville mother, wife, and soon-to-be teacher, holds another very impressive title as she gets ready to take on the competition on a national stage.Mrs. West Virginia, Melissa Smith, will compete for the title of "Mrs.United States," in September. Smith travels throughout the state right now helping to push her platform. "Right now, I'm very focused on improving literacy education. I'm going to be an elementary school teacher and I have been traveling throughout West Virginia reading to...
    A Sistersville mother, wife, and soon-to-be teacher, holds another very impressive title as she gets ready to take on the competition on a national stage.Mrs. West Virginia, Melissa Smith, will compete for the title of "Mrs.United States," in September. Smith travels throughout the state right now helping to push her platform. "Right now, I'm very focused on improving literacy education. I'm going to be an elementary school teacher and I have been traveling throughout West Virginia reading to...
  • Federal judge in Martinsburg, West Virginia, sends 10 to prison for violating probation

    Federal judge in Martinsburg, West Virginia, sends 10 to prison for violating probation

    Sunday, July 6 2014 11:00 AM EDT2014-07-06 15:00:12 GMT
    Nine Martinsburg, West Virginia, residents and another from Keyser were sentenced to federal prison for breaking the law while they were on supervised release or probation.
    Nine Martinsburg, West Virginia, residents and another from Keyser were sentenced to federal prison for breaking the law while they were on supervised release or probation.
  • BusinessBusinessMore>>

  • Founder of Brazil's top building firm, Norberto Odebrecht, dies at 93

    Founder of Brazil's top building firm, Norberto Odebrecht, dies at 93

    Monday, July 21 2014 6:38 AM EDT2014-07-21 10:38:43 GMT
    The conglomerate that carries his name went on to lead ambitious projects such as paving a highway across the Andes mountains and through the Amazon rainforest into Peru, and linking Miami's Metrorail to the city's airport. It also formed a consortium with other firms and was awarded contracts for four of the 12 stadiums that hosted games for the World Cup that ended this month.
    The conglomerate that carries his name went on to lead ambitious projects such as paving a highway across the Andes mountains and through the Amazon rainforest into Peru, and linking Miami's Metrorail to the city's airport. It also formed a consortium with other firms and was awarded contracts for four of the 12 stadiums that hosted games for the World Cup that ended this month.
  • Multiple crews fight Glade Springs fire overnight

    Multiple crews fight Glade Springs fire overnight

    Monday, July 21 2014 6:22 AM EDT2014-07-21 10:22:55 GMT
    Fire at Glade SpringsFire at Glade Springs
    No injuries were reported, and there has been no word yet on the cause of the fire.
    No injuries were reported, and there has been no word yet on the cause of the fire.
  • Bankruptcy Judge Clears Sale of Ormet Plant to Niagra Worldwide

    Bankruptcy Judge Clears Sale of Ormet Plant to Niagra Worldwide

    Monday, July 21 2014 6:17 AM EDT2014-07-21 10:17:46 GMT
    A Wisconsin firm has been cleared by a bankruptcy judge to buy the Ormet Corp. plant in Hannibal, Ohio.
    A Wisconsin firm has been cleared by a bankruptcy judge to buy the Ormet Corp. plant in Hannibal, Ohio.

CANONSBURG, Pa. (AP) — Mylan Inc.'s second-quarter earnings jumped 28 percent, as a drop in expenses helped the generic drugmaker counter sluggish revenue growth.

The Canonsburg, Pa., company said Thursday it earned $177.7 million, or 46 cents per share, in the three months that ended June 30. That compares to earnings of $138.6 million, or 33 cents per share, in last year's quarter. Adjusted earnings, which exclude restructuring charges, amortization expense and other items, totaled 68 cents per share.

Revenue rose less than 1 percent to $1.7 billion.

Analysts surveyed by FactSet expected, on average, earnings 67 cents per share on $1.73 billion in revenue.

Mylan said foreign exchange rates hurt its revenue in this year's quarter, and the company received a boost in last year's quarter from the launch of a generic version of the antidepressant Lexapro.

The company's selling, general and administrative expenses fell 12 percent in this year's quarter to $315.4 million.

Mylan also said Thursday it was reaffirming its forecast for 2013 adjusted earnings of between $2.75 and $2.95 per share. It also expects revenue to be at the low end of its expected range of $7 billion to $7.4 billion in part because of the negative effect of foreign currency.

Analysts expect, on average, earnings of $2.87 per share on revenue of $7.06 billion.

For the third quarter, Mylan expects to earn 77 cents to 79 cents per share on an adjusted basis; analysts expect 87 cents per share.

Mylan shares climbed 21 cents to $33.77 in morning trading, while the Nasdaq exchange on which the stock trades rose about 1 percent. The stock has ranged between $22.50 and $34.62 over the past year.

 

Copyright 2013 The Associated Press